Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
District 9: Federal Reserve Bank of Minneapolis PDF
Filings received during the week ending January 7, 2023
|Filer||Filing Type||Filing Proposal||End of Comment Period|
|VersaHoldings US Corp.||* 3A1|
|GBH Inc., Ontario, Canada, VersaBank, Ontario, Canada (VersaBank) and VersaHoldings US Corp., Wilmington, Delaware (VersaHoldings), a wholly owned subsidiary of VersaBank, hereby submit this application (the Application) to the Federal Reserve Bank of Minneapolis (FRBMN) and the Board of Governors of the Federal Reserve System (the Board and together with the FRBMN, the Federal Reserve), pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended (the BHC Act) and Sections 225.11 and 225.15 of Regulation Y adopted thereunder, requesting the Federal Reserveâs prior approval to acquire 100% of the voting common equity of Stearns Bank Holdingford National Association, a national bank with its main office in Holdingford, Minnesota (Stearns Bank Holdingford), from Stearns Financial Services, Inc. (SFI) (the Proposed Acquisition) and to thereby become bank holding companies (BHCs). GBH Inc., VersaBank and VersaHoldings hereby provide notice to the Federal Reserve of their intention under Sections 4(c)(8) and 4(j) of the BHC Act and Section 225.24(a)(1) of Regulation Y to engage de novo in non-banking activities permissible under Section 225.28(b)(1) and (2) of Regulation Y through retention of VersaBank and VersaHoldingsâ existing ownership of VersaFinance US Corp. (VersaFinance).||01/11/2023||Not available|
* Subject to the provisions of the Community Reinvestment Act
Availability of CRA Public Evaluations
The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.
The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.
A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.
Federal bank regulators use the following performance levels to rate an institution's performance under CRA:
O = Outstanding
S = Satisfactory
NI = Needs to improve
SN = Substantial noncompliance
The following state member banks have been examined and their CRA public evaluations are now available.
|Institution / Location||RSSD ID||Exam Date||CRA Public Date||CRA Rating||Exam Method|
|CHARTER BK, EAU CLAIRE, WISCONSIN||160650||09/12/2022||04/11/2022||S||Int Small Bank|
|FIRST WESTERN B&TC, MINOT, NORTH DAKOTA||687951||07/29/2022||03/14/2022||S||Int Small Bank|
|NORTH AMER BKG CO, ROSEVILLE, MINNESOTA||2631846||11/15/2021||06/07/2021||S||Int Small Bank|
CRA Examinations scheduled for Quarter of